PEPE Coin Price Analysis: Death Cross Warns of a High-Momentum Sell-Off Wave

With a declining trend in the daily chart, the PEPE meme coin has dropped 56% from its 52-week high of $0.00001722.

The PEPE meme coin price has seen a significant drop from its 52-week high, with a 56% decline from the peak of $0.00001722. At the time of writing, the PEPE coin is trading at a price of $0.000007546, showcasing a strong resistance trendline.

The lower high formation, coupled with the increasing bullish influence, highlights the possibility of a death cross between the 50-day EMA and the 200-day EMA. Notably, the meme coin has encountered support at a crucial level of $0.0000070 over the past several days.

With the third instance of support at this demand zone, the PEPE price surged by 6.74%, forming a bullish engulfing candle on Monday. As of now, the meme coin is down by 1.11% from its 24-hour high of $0.000007757.

The intraday setup showcases a surge in bearish momentum, with a piercing bearish candle piercing through the prior day's candle. A potential head-and-shoulder pattern is forming on the daily chart, with the neckline at the crucial demand level of $0.0000070. Additionally, the MACD indicator displays the MACD and signal line on the verge of a bearish crossover.

A breakdown of the head-and-shoulder pattern could lead to a death cross between the key EMAs and a high-momentum sell-off wave. The crucial support levels for the meme coin are at $0.000006595 and $0.000004898, indicating a potential downside risk of 35%.

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